SEMARANG - Deputy Minister of Trade Jerry Sambuaga said the Indonesian government protects consumers in investing and minimizes risks for crypto asset investors. For this reason, the government carries out monitoring that is carried out off-site and on-site.
“Off-site monitoring is carried out on routine reports submitted by crypto asset traders via electronic mail (e-mail) or electronic reporting systems connected to CoFTRA. Meanwhile, on-site supervision is direct monitoring on a regular basis or at any time based on risk mapping calculations,” said Deputy Minister of Trade Jerry.
The Ministry of Trade through the Commodity Futures Trading Supervisory Agency (Bappebti) has issued Bappebti Regulation Number 8 of 2021 concerning Guidelines for the Implementation of Physical Trading of Crypto Assets on the Futures Exchange. This is to accommodate the physical trading of crypto assets in Indonesia.
“Crypto assets in Indonesia are categorized as commodities that can be traded on futures exchanges. Crypto is called an asset (cryptoassets), not a means of payment (cryptocurrency). Crypto assets are not regulated by the Ministry of Finance, Bank Indonesia, or the Financial Services Authority, but the Ministry of Trade," explained the Vice Minister of Trade.
The Ministry of Trade noted that the growth in transaction value and the number of crypto asset customers in Indonesia was extraordinary. In 2021, the total value of crypto asset transactions reached IDR 859.4 trillion, an increase of 1,224 percent compared to 2020 which was recorded at IDR 64.9 trillion. The registered buyers recorded 14.6 million buyers.
The demographics of crypto asset investors also show quite interesting information. Men dominate 79 percent and women 21 percent. The age group was dominated by the 18-24 year old 32 percent, followed by the 23--30 year group 30 percent and the 31-35 year old group 16 percent. The investors are dominated by residents in Java with 69 percent, followed by Sumatra with 17 percent and Kalimantan with 6 percent. (LM)